Business

Corporate results: AGTL announces earnings of Rs528m, up 6%

AGTL was incorporated in 1983 and has a capacity to produce more than 30,000 tractors

Our Correspondent August 12, 2016

AGTL was incorporated in 1983 and has a capacity to produce more than 30,000 tractors. PHOTO: FILE

KARACHI: Al Ghazi Tractors Limited (AGTL) reported earnings of Rs528 million in the second quarter ended June 30, up 6% compared to Rs498 million in the same period of last year, according to a company notice to Pakistan Stock Exchange (PSX).

Earnings per share (EPS) increased to Rs9.11 from an EPS of Rs8.58 in the period under review. Despite better quarterly results, AGTL share closed at Rs431.9, down by a significant 4% on Thursday. The KSE-100 Index closed at 39,861, up 55 points or 0.14%.

However, cumulatively, the company’s earnings have come down by 11.5% to Rs985 million in first half from Rs1.1 billion in the same period last year.

“The decline in earnings was primarily due to 60% year-on-year decline in other income, following decline in cash and short investment amid aggressive dividend pay-outs,” BMA Capital commented on Thursday.

AGTL was incorporated in 1983 and has a capacity to produce more than 30,000 tractors.

Published in The Express Tribune, August 12^th, 2016.

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